Quick take:

  • The fund has already invested in RWA-focused modular layer-2 blockchain Plume Network and Ethena.

  • Galaxy Ventures Fund I is Galaxy Digital’s first fund that is open to outside investors.

  • The company has previously invested between $30 million and $50 million of its own money into various crypto startups.

Galaxy Digital Holdings has launched its first fund available to outside investors. The Galaxy Ventures Fund I LP has already raised $113 million according to an announcement on Thursday.

The fund targets to raise a total of $150 million by next year at the latest, Bloomberg reported. It will focus on early-stage startups involved in developing crypto software, infrastructure and financial applications.

The fund has already invested in some of the leading DeFi projects including RWA-focused modular layer-2 blockchain Plume Network and Ethena.

Galaxy Ventures Fund I marks a new beginning for the digital asset manager, welcoming outside investors to participate in its investments. The company has previously invested between $30 million and $50 million of its own money into various crypto startups.

“Our macro view is blockchains will be utilized to settle the majority of transactions,” General Partner Mike Giampapa told Bloomberg in an interview. “It’s a one-, two-decade transition that we are betting on.” The fund expects to invest between $3 million and $5 million per project, though the amount may vary, said Will Nuelle, the other general partner for the fund.

This announcement also comes just days after Galaxy announced the acquisition of nearly all of CryptoManufaktur’s Ethereum Assets, bringing its Ethereum staking portfolio to about $1 billion in assets under stake.

Billionaire Michael Novogratz’s New York-based fund now boasts over $3.3 billion in assets under stake according to last week’s report.

Stay on top of things:

Subscribe to our newsletter using this link – we won’t spam!

Follow us on X and Telegram.

The post Galaxy Digital’s New Venture Arm Secures $113 Million for First Fund appeared first on NFTgators .

#ETH